Sanchit Malik, Co-Founder & CEO, Pazcare

Sanchit Malik is passionately working for Pazcare to make it a success in the insurtech industry. Previously, he co-founded Townscript (Acquired by Bookmyshow). At Townscript, Sanchit used to lead and drive the sales and marketing team.

 

Human beings have been crippled with technology for a very long time now. And with all the facilities shifting online and available at just a click, it has reached unprecedented heights of comfortableness for individuals. The ease of ordering in food and unhealthy eating habits have resulted in decrease of immunity levels. All this has led to irregular sleep patterns and increased medical problems. Keeping this in mind and with the advent of technology in the insurance sector, it could reach greater heights in the coming years.

Technology is growing at a rapid pace currently. It is developing by the minute, and with each new addition, the scope of further improvement also increases. It is no secret that the insurtech market is booming! With integration of the latest technology, the first thing to look forward to is the growing use of Artificial Intelligence (AI). The use of AI is not only limited to machinery but it also incorporates online transactions of any and every nature. AI could be used in fraud detection as well as make the claiming process hassle-free. Changes in customer preferences also plays an important role in shaping up the insurtech sector. The flexibility and ease that it provides have been taken well by its consumers.

The insurance sector needs to redefine it’s ways of providing insurance plans and policies according to what is demanded by the general public. This will ensure that they stay relevant throughout. The redeveloped customer support and services platform has also been taken well by the customers because of its easy to use and user friendly experience. With new developments, it has become important for the providers to listen to their customers. To stay relevant, they need to be more accessible and up to date with every recent development. This should be done to remain competitive and on top of their game.

As the AI progresses and people have started looking deeply into where and how their resources are being utilised, it is imperative for the insurance providers to give the option of customisation. With different people belonging to different backgrounds, it is of utmost importance for the insurance providers to offer incentives with their policies. Due to the increase in competition in the market, the one with the best alternatives would always be the first choice for the public. Therefore, it is imperative to provide customisations according to each individual. On top of that, applications are being made for easier access. Companies are coming up with their own personal mobile applications to provide a more holistic approach towards their services.

With the pandemic shaking everybody’s daily routine, technology has become an integral part in the everyday life. Offices and schools have completely shifted to online mode and hybrid teams are encouraged as well. Using technology is now a necessity and utilising it to the maximum is on the people. With new advances, the ease and trust on technology is increasing. People are now less skeptical about handling their finances online. Insurtech sector has emerged really well. The future looks promising for the insurance sector because of the same.

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